Snapdocs said that the rise in digital closings is due to the measurable efficiencies and improved experience that digitization delivers. Among lenders that have invested in digital closings, 83% cite improved borrower satisfaction; 82% report greater staff efficiency and faster closings; and 79% see fewer errors on closing documents.
But lenders also reported several barriers that are preventing adoption. These include high technology costs (50%), lack of stakeholder usage (42%) and technology issues (41%).
“Just offering eClosing is no longer the differentiator — it’s driving meaningful adoption that sets lenders apart,” Snapdocs CEO Michael Sachdev said in a statement.
“Slow adoption is preventing many lenders from fully unlocking the speed, efficiency, and improved borrower experience from digital closings. In contrast, the majority of Snapdocs lenders achieve over 80% adoption — more than 3.5x the industry average.”
To encourage adoption, 80% of the lender participants in the report defined their eClosing goals for this year. They mentioned plans to expand hybrid closings across more of their loan portfolio (49%); maximization of eNote and Remote Online Notarization adoptions (41%); and implementations of a new eClosing provider (44%).
The report was derived from blind data collection conducted in February and March 2025. Respondents were managers or executives involved in loan closing, prequalification, origination or processing tasks at a bank, credit union or nonbank lender.